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Gold Technical Outlook 13.06.2014

Gold August contract on MCX inched 257 rupees up to settle at 26330.
Gold traded in the counter direction of the preceding trend and settled above
its 10 days SMA. Today price objective for bulls would be 26360 any sustained
move above that level would bring a retest to 20 days SMA that stands near
26450. Support is now seen near 25950 any sustained move below that level would
bring more weakness and then we may see a decline towards 25850 and more down
side.

Gold trading range for the day is expected among the key support at
25950 and resistance at 26400.

Recommendation:

Â·Today buying gold on declines
around 26200-26180 with stop loss below 26050 for targeting 26300-26400-26500
and more upside might be appropriate.